News
RSA ‘pragmatic’ on product review as NIG acquisition completes
RSA intends to “move at pace” and make strides towards going to market with a single set of products by the end of this year following its acquisition with NIG and FarmWeb, Sonya Bryson has told Insurance Post.
Trade bodies lambast FCA’s transparency plans
16 financial services trade bodies have warned the Financial Conduct Authority against any plans to publish details of future regulatory investigations before they reach their conclusion.
Allianz’s lawsuit against Revolut ends in settlement
Allianz Partners and Revolut have settled a lawsuit over an abandoned travel insurance deal that saw the companies trade blows in recent months, Insurance Post can reveal.
Hughub enters into administration
Insurance software provider Hughub has been placed into administration due to a lack of funding.
Wakam looking to exploit ‘unlimited UK potential’ following regulator approval
French B2B2C insurer Wakam has received approval by the Financial Conduct Authority and Prudential Regulation Authority to launch a UK subsidiary.
LV’s departing claims director Milliner tipped for DLG position
Allianz has confirmed Caroline Johnson as LV’s new general insurance claims director, with Martin Milliner set to depart the insurer after 18 years.
Peppercorn accelerates B2B deal after funding round
Peppercorn AI raised £1.25m more than anticipated in its latest funding round, allowing the firm to bring plans for its first B2B deal six to nine months forward.
Axa CEO Foley on why another XL-sized deal isn’t on the cards
Axa UK & Ireland CEO Tara Foley won’t rule out another acquisition but said her growth plan for the business is to build plus consolidate everything currently within the multi-line provider.
Hughub CEO and former SSP director Jonathan Davey retires
CEO of Hughub and former SSP director Jonathan Davey has retired after a 36-year career.
Motor premiums stabilise but cost to insurers mount
The Association of British Insurers’ motor insurance tracker has revealed that premiums increased by just 1% in the first quarter of 2024.
Pen’s Zurich deal; CFC’s M&A team; AIG’s leadership change
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
UN creates NZIA replacement
The United Nations Environment Programme has replaced the now-discontinued Net Zero Insurance Alliance with a multistakeholder forum, although most former UK-based NZIA members have yet to join.
LV’s Mike Crane leaves insurer
Mike Crane, director of LV Broker, is leaving the insurer and is to be replaced by portfolio pricing director, Nicola George.
Home insurance premiums climb by nearly a third
Home insurance premiums increased by 31% between January and March 2024, according to the latest research from Compare the Market.
ABI unveils financial inclusion strategy
The Association of British Insurers has unveiled a financial inclusion strategy, which commits to addressing “unfavourable” premium finance practices and suggests exploring ways to subsidise motor cover for some drivers.
ABI sets out principles to address motor premium finance
Members of the Association of British Insurers have agreed to follow five principles to manage the amount customers pay when they pay their premiums monthly rather than annually.
Canary Riverside appeal leads to reduction in freeholder payout
An Upper Tribunal has reduced the sum repayable to leaseholders of the Canary Riverside complex in east London, ruling that just 65% of the total should not have been paid.
Former GCHQ director joins Cyber Monitoring Centre
The Cyber Monitoring Centre has appointed former GCHQ director general for technology, Gaven Smith, to its technical committee.
Zurich and Freedom Services partnership targeting £50m GWP in year one
Zurich UK has penned a five-year deal with managing general agent Freedom Services under which the insurer will provide capacity for an existing commercial vehicle book as well as a fresh telematics play.
Copart confirms delays to Luton Airport salvage operation
Speaking to Insurance Post, Copart UK chief executive Jane Pocock has confirmed that the Luton Airport salvage operation should be completed in “four weeks.”
Three takeaways from Zywave’s Cyber Risk conference
Price adequacy may be under pressure in the cyber insurance market and there are “seismic shifts in buying behaviour” in the reinsurance market, according to experts gathered at Zywave’s Cyber Risk conference.
Allianz increases fraud prevention as it partners with Clearspeed
After a 29% increase in fraud prevention in 2023, Allianz’s personal lines business has partnered with voice analytics tool Clearspeed to enhance its fraud detection capabilities moving forward.
Esure offers customers six-months free cover for latest tech glitch
Esure has confirmed that it has offered six months free home insurance to “a small number of customers” for a “technical error”, which means customers who renewed on 1 April can’t make claims or update their details via the provider’s website.
Cyber insurance procurement process labelled ‘a disaster’
Onda chief underwriting officer Alex Jomaa has dubbed the procurement process for cyber insurance “a disaster”, and said that both brokers and underwriters need to change their ways to boost the number of businesses that buy the product.